Rosenblatt cuts Galaxy Digital price target to $35 ahead of earnings

An analyst at investment bank Rosenblatt cut the price target on Galaxy Digital (NASDAQ: GLXY) from $39 to $35 while keeping a Buy rating — a day ahead of the company's quarterly earnings, due Wednesday, August 5.

According to the analyst, pressure on Galaxy Digital's core crypto business — asset management, trading, and other divisions tied to digital-asset markets — is largely already priced into the stock. The real upside, in this view, comes from the company's pivot toward high-performance computing and AI infrastructure: in April 2026, Galaxy Digital delivered its first data hall at the Helios campus to cloud provider CoreWeave.

• Price target cut from $39 to $35, Buy rating maintained
• GLXY trades around $21, down 11% week-over-week and roughly 30% over six months
• Quarterly earnings are due Wednesday, August 5

Galaxy Digital's bet on AI infrastructure fits a broader industry shift — one co-founder Mike Novogratz pointed to himself when he laid out the conditions for bitcoin's next rally. We also previously covered how Galaxy Digital built a second Texas data center under the Merlin project — projects like this, rather than the traditional crypto business, are what analysts now see as the company's main value driver.

Wednesday's report will show how quickly AI-infrastructure revenue actually offsets pressure on the company's traditional crypto business — for now, that remains an analyst thesis rather than a confirmed number.

This piece is informational, not a recommendation to buy, sell, or hold any asset.